Every year, the B.C. Residential Tenancy Branch sets the maximum allowable percentage by which landlords are legally permitted to increase rents.
This week the Residential Tenancy Branch revealed this number for the year ahead. 4.0% is the 2018 maximum allowable rent increase for residential tenancies.
With apartment vacancy rates in Vancouver at an all-time low, landlords will be eager to take advantage of this year’s increase.
As a reminder, landlords can only increase the rent once in a 12 month period and give the tenant three full months’ notice of the rent increase.
This year’s increase is the highest it has been in five years. It’s up from 3.7% in 2017, 2.9% in 2016, 2.5% in 2015, and 2.2% in 2014.
This means that if you live in Kitsilano and pay $3,230 for a two-bedroom apartment, next year, your rent could be increased to $3,360 per month, or an annual increase of $1,560.
Last modified: August 27, 2017